Hankook Tire Reaches 2022 Wage Agreement with Korean Federation of Trade Unions Union

[Asia Economy Reporter Yoo Hyun-seok] Hankook Tire & Technology announced on the 12th that the 2022 wage negotiations with the Korean Federation of Trade Unions Hankook Tire & Technology Labor Union have been finalized.

The ‘2022 Wage Negotiation Agreement Signing Ceremony’ was held at 11 a.m. on the same day at the Hankook Tire Daejeon Plant located in Daedeok-gu, Daejeon, with company negotiation representative Jeong Seong-ho, Vice President of the Safety Production Technology Headquarters, and labor union representative Hyun Bok-hwan, Chairman of the Hankook Tire & Technology Labor Union, in attendance.

The Hankook Tire labor and management finalized the negotiations 88 days after their initial wage negotiation meeting on July 12. The labor and management agreed on a 5.0% increase in base salary (including seniority increments) and a tentative agreement on a production incentive of 1 million KRW, which was approved by 60.1% of union members.

Lee Soo-il, President of Hankook Tire, said, “Labor and management concluded the wage negotiations by making mutual concessions,” adding, “Despite the ongoing adverse internal and external business conditions, labor and management plan to overcome uncertainties and proceed with normalization for future survival through trust-based and cooperative labor-management relations.”

Meanwhile, the 2022 wage negotiations with the Korean Metal Workers' Union Hankook Tire Branch, affiliated with the Korean Confederation of Trade Unions, which began in April, are still ongoing. Currently, the Hankook Tire labor union is a multiple union system composed of the Korean Federation of Trade Unions’ ‘Hankook Tire & Technology Labor Union’ and the Korean Confederation of Trade Unions’ ‘Metal Workers' Union Hankook Tire Branch.’

This content was produced with the assistance of AI translation services.